Shulem Herman Acquires Far Rockaway Hotel From Riverbrook Equities For $25M
SOLD
$25,000,000
New York
See Similar DealsHotel48,622 SF
Sold 08/26/2021
SOLD
Shulem Herman Acquires Far Rockaway Hotel From Riverbrook Equities For $25M
43-17 Rockaway Beach Blvd, Far Rockaway, NY, USA
See Similar DealsHotel48,622 SF
Sold 08/26/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$514
Total Square Footage:48,622 SF
Transaction Type:Sale
The hotel located at 43-17 Rockaway Beach Blvd in Far Rockaway has been sold for $25,000,000. The property has a total square footage of 48,622 and a price per square foot of $514. The transaction included the transfer of 99 keys, resulting in a price per key of $252,525.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $25,000,000
- Address: 43-17 Rockaway Beach Blvd, Far Rockaway
- Market: Far Rockaway
- Buyer: Shulem Herman
- Seller: Riverbrook Equities - Steven Mendel
- Square Footage: 48,622
- Price per Square Foot: $514
- Keys: 99
- Price per Key: $252,525
Shulem Herman was the buyer in this transaction, while Riverbrook Equities, represented by Steven Mendel, acted as the seller. This successful deal highlights the significance of the hotel asset type in the Far Rockaway market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05
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